520.546.3558
BOUMAN LAW FIRM
  • Home
  • About Tom
  • Estate Planning
    • How to Plan Your Estate (Start Here)
    • Revocable Living Trust
    • Inheritance Protection Trust
    • Financial POA
    • Health Care POA
    • Living Will
    • Asset Protection Planning in Arizona
    • Intro to Arizona Domestic Asset Protection Trusts
    • Asset Protection Exemptions in Arizona
    • Protect Home from Creditors in Arizona
    • Car/RV/Mobile Home Titling
  • Fees
    • Estate Planning Fees
    • Estate Administration Fees
  • Scheduling
  • Recent Law Updates
  • Office Info
  • New Client Forms
  • More Articles
  • Bouman Law Firm Blog
  • Probate & Trust Administration
    • How to Administer an Estate (START HERE)
    • Probate in Arizona
    • Small Estate Affidavit
    • Final Arrangements & Organ Donation
    • Trust Beneficiary Notices and Trustee Reports
    • Annuities
    • Debts of Decedent
    • Transfer Real Estate of Nonresident
    • Tax Filings for Estate
    • Duties of Trustee
  • Make a Payment
  • Buy a Book
  • Legal Disclaimers
  • Home
  • About Tom
  • Estate Planning
    • How to Plan Your Estate (Start Here)
    • Revocable Living Trust
    • Inheritance Protection Trust
    • Financial POA
    • Health Care POA
    • Living Will
    • Asset Protection Planning in Arizona
    • Intro to Arizona Domestic Asset Protection Trusts
    • Asset Protection Exemptions in Arizona
    • Protect Home from Creditors in Arizona
    • Car/RV/Mobile Home Titling
  • Fees
    • Estate Planning Fees
    • Estate Administration Fees
  • Scheduling
  • Recent Law Updates
  • Office Info
  • New Client Forms
  • More Articles
  • Bouman Law Firm Blog
  • Probate & Trust Administration
    • How to Administer an Estate (START HERE)
    • Probate in Arizona
    • Small Estate Affidavit
    • Final Arrangements & Organ Donation
    • Trust Beneficiary Notices and Trustee Reports
    • Annuities
    • Debts of Decedent
    • Transfer Real Estate of Nonresident
    • Tax Filings for Estate
    • Duties of Trustee
  • Make a Payment
  • Buy a Book
  • Legal Disclaimers

BOUMAN LAW FIRM blog

Important Law Change: Homestead Exemptions in Arizona

12/31/2021

 
First, the good news: 
On 1/1/2022 the Arizona homestead exemption amount increases from $150,000 to $250,000.  The homestead exemption, which is automatic in Arizona, is intended to protect an Arizona resident's primary residence ("homestead") from creditors. 

But the new law includes several intricacies that make it more complex than it initially appears.  For example, the new law requires any existing judgment liens (recorded in the same county) to be paid when the homeowner either sells or refinances the residence.  

The prior law stated that a homeowner with less than $250,000 equity could still refinance a home loan without having to first pay off any existing judgment liens.  The new law does the opposite - effectively preventing the homeowner from exercising a cash-out refinance.   

The homestead exemption is also complicated by federal bankruptcy laws.  If the home was acquired within 1,215 days (3 years, 4 months) of filing the bankruptcy case, the exemption amount is currently limited to $170,350. 

Comments are closed.

    Author

    Thomas J. Bouman
    Attorney at Law
    Tucson, Arizona

    Archives

    January 2023
    March 2022
    January 2022
    December 2021
    December 2020
    August 2020
    April 2020
    March 2020
    January 2020
    December 2019
    July 2019
    May 2019
    January 2019
    November 2018
    September 2018
    April 2018
    January 2018
    December 2017
    October 2017
    June 2017
    April 2017
    February 2017
    December 2016
    November 2016
    October 2016
    September 2016
    July 2016

    Categories

    All
    Estate Planning
    NFA Gun Trusts
    Office News

    RSS Feed

All original works on this website are:
Copyright 2000-2023 by Thomas J. Bouman.  All rights reserved.  Seriously.